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TOP STORIES

Yellen, new Fed chair, takes hot seat at Capitol

WASHINGTON - The health of the U.S. economy and the extraordinary and controversial measures the Federal Reserve has taken to support it will top the agenda when Janet Yellen testifies to lawmakers for the first time as head of the Federal Reserve. (USA FED/ (WRAPUP 1), moved, by Jonathan Spicer, 600 words)

Barclays to cut 12,000 jobs, pays bigger bonuses

LONDON - Barclays slammed by politicians and unions for having its priorities wrong after saying it will axe up to 12,000 jobs this year to cut costs while increasing bonuses for its investment bankers. (BARCLAYS-EARNINGS/ (UPDATE 3), expect by 1100 GMT/6 AM ET, by Steve Slater, 600 words)

Gold hits 3-mth high, shares up before Yellen

LONDON - Gold prices hit a three-month high and global shares edge higher as investors wager the new head of the U.S. Federal Reserve will navigate her first testimony to Congress without rocking the boat for markets. (MARKETS-GLOBAL (WRAPUP 4), expect by 1200 GMT/7 AM ET, by Francesco Canepa, 720 words)

REUTERS SUMMIT

Germany's Schaeuble sees no deflation threat in Europe

BERLIN - Recent turmoil in emerging markets will hit export-oriented European economies but there are no signs the bloc that shares the single currency is headed towards deflation, German Finance Minister Wolfgang Schaeuble says. (EUROZONE SUMMIT/SCHAEUBLE, moved, by Noah Barkin and Gernot Heller, 800 words)

ECONOMY

Kazakhstan devalues tenge by 19 pct to stymie speculators

ALMATY - Kazakhstan devalues its tenge currency by 19 percent to about 185 per dollar, taking the wind out of the sails of speculators and adjusting the rate to the freer float of its main trading partner Russia. (KAZAKHSTAN TENGE/ (UPDATE 2), moved, by Mariya Gordeyeva, 500 words)

India Jan inflation seen easing on food, fuel prices but still elevated

BANGALORE - India's high inflation probably eased to a seven-month low last month as food and fuel prices showed signs of moderating, providing some respite to the central bank which has been hiking interest rates to curb soaring prices, Reuters polls show. (INDIA-ECONOMY/INFLATION , moved, by Sumanta Dey, 400 words)

Australia business conditions near 3-yr high-survey

SYDNEY - A measure of Australian business conditions rises to its highest in nearly three years in January and firms feel more confident about the outlook for orders and employment, a survey reports. (AUSTRALIA-ECONOMY/BUSINESS , moved, 400 words)

Bank of Korea seen holding rates in Feb for 9th month as economy revives

SEOUL - South Korea's central bank is expected to stay on hold for a ninth consecutive month when reviewing its policy rate as domestic recovery remains firm and inflation lies low, a Reuters poll has found. (KOREA-ECONOMY/RATES (POLL) , moved, 400 words)

COMPANIES

L'Oreal to buy 8 pct of its shares from Nestle

PARIS - L'Oreal and Nestle take a first step towards ending a 40-year partnership when the French cosmetics company announced it would buy 8 percent of its capital for 6.5 billion euros ($9 billion) from the Swiss food group. (L'OREAL-NESTLE (UPDATE 2), moving shortly, by Astrid Wentlandt and Pascal Denis, 800 words)

German retailer Metro reins in profit expectations

BERLIN/DUESSELDORF - German retailer Metro AG reins in full-year profit expectations after a dip in first-quarter earnings, largely due to lower real-estate income and the strong euro. (METRO RESULTS/ (UPDATE 2, moved, by Emma Thomasson and Matthias Inverardi, 400 words)

EU antitrust chief says looking into corporate tax loopholes

BRUSSELS (Reuters) - European Union regulators are examining corporate tax loopholes across Europe that allow companies to cut their tax bills, to see if they are anti-competitive, the EU's antitrust chief says. (EU TAXATION/ANTITRUST, moved, by Foo Yun Chee)

After 2-year pause, Hyundai Motor poised to add new capacity

SEOUL/BEIJING - Two years ago, Hyundai Motor Co's 75-year-old chairman called a halt to capacity expansion, worried the South Korean group risked running into the kind of quality issues that dogged Japanese rival Toyota Motor when it grew too aggressively in the 2000s. That's changing now as Hyundai runs feasibility studies in promising markets. (AUTOS-HYUNDAI/CAPACITY (PIX) , moved, by Hyunjoo Jin and Norihiko Shirouzu, 1000 words)

China firms head for U.S. IPOs, not fussed by accounting flap

HONG KONG - Chinese companies are flocking to the U.S. IPO market in their biggest numbers since 2010, drawn by soaring valuations for tech start-ups and undeterred by a flare-up in an accounting row between Washington and Beijing. (CHINA-IPOS/USA (DEALTALK) , moved, by Denny Thomas and Elzio Barreto, 1000 words)

ANZ Q1 cash profit up 13 pct, helped by Asia growth

SYDNEY- Australia New Zealand Banking Group Ltd , Australia's third-largest bank by market value, reports a 13 percent rise in first-quarter cash profit, slightly ahead of analyst forecasts. (AUSTRALIA-ANZ/EARNINGS , moved, 200 words)

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